Quarterly Increase in Housing Demand of Over 13% in Q3
The residential real estate industry is showing signs of recovery after experiencing serious economic repercussion caused by the pandemic. A pan-India quarterly increase in demand of over 13% was witnessed during the third quarter, reveals the latest Magicbricks Prop Index report for Q3 (Jul-August-September) 2021. Further, the aggregate supply in the country jumped by nearly 8% QoQ during the period. With the Covid-19 infection rates dipping and the onset of the festive season, the demand for homes in the country is further slated to grow. Few cities are the highlights of the quarter such as Mumbai Metropolitan Region (MMR), Pune as they witnessed a remarkable surge in both demand as well as new supply in their respective markets. Mumbai’s residential market witnessed a spike of 5% QoQ in demand after witnessing a steep decline of about 16% in Q2 2021. Further, Navi Mumbai and Thane witnessed spikes of 19% and 10.5% QoQ in demand, respectively. The housing market in MMR is expected to pick up further due to the reduction in cases of COVID-19 and the ongoing festive season and prominent developers are preparing for new launches in the mid and affordable segments. The residential market in Pune observed a significant increase in demand at 23.1% QoQ. The drop in COVID-19 cases and the ongoing festive season have influenced home buyers to look for properties, which helped boost the markets further. The supply within the city rose by 10% QoQ in Q3 2021, in comparison to its decline by 12% in Q2 2021. The quarter witnessed a shift in demand towards under-construction units and affordable housing.
Tags : News/Views Pune Affordable Housing Mumbai Metropolitan Region residential market Festive Season housing demand Magicbricks Prop Index